NMLS Prep #3

NMLS Prep #3

Professional Development

•

25 Qs

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NMLS Prep #3

NMLS Prep #3

Assessment

Quiz

•

Business

•

Professional Development

•

Practice Problem

•

Medium

Created by

Jay Sedrowski

Used 17+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

How many days are the estimated closing costs on the Loan Estimate valid for?

7 Business Days

3 Business Days

10 Business Days

30 Business Days

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If a Loan Estimate is changed, when must a revised Loan Estimate be sent to the customer?

Within 4 business days of the change

Within 7 business days of the change

Within 3 days of consumation

Within 3 business days of the change

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

How many days prior to loan consummation must the initial Loan Estimate be sent to the customer?

7 business days by US mail prior to consummation

10 business days by US mail prior to consummation

4 business days by US mail prior to consummation

3 business days by US mail prior to consummation

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If a customer does not express an intent to proceed with a loan transaction, how long is the Loan Estimate valid for?

5 business days

10 business days

30 calendar days

10 calendar days

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A lender must send the initial Loan Estimate to the customer no later than:

7 business days after the application

No later than when the appraisal is completed

3 business days after the application

3 business days prior to consummation

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If a lender must re-disclose a Loan Estimate for a valid change of circumstance, the lender must send it:

Within 1 business day of discovering the change

3 business days before loan consummation

At least 7 business days prior to loan consummation

Within 3 business days of discovering the change

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The initial Loan Estimate sent to the customer how many days prior to loan consummation?

7 business days

3 business days

4 business days

10 business days

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